Westpac NZ lifts annual profit 6%, forgoes some mortgage lending growth to protect margins

Westpac NZ lifts annual profit 6%, forgoes some mortgage lending growth to protect margins
Paul McBeth
By Paul McBeth Nov. 2 (BusinessDesk) - Westpac Banking Corp's New Zealand division lifted annual earnings 6 percent as it ceded market share in the hotly contested mortgage market to protect margins, which lag behind its local peers. Cash earnings in the local business rose to $916 million in the 12 months ended Sept. 30, from $864 million a year earlier, the Sydney-based parent said in a statement. Net interest income gained 8 percent to $1.71 billion, as the lender's total loan book expanded 7 percent to $69 billion. The Australian g...